Our increasing dependence on the digital world has added a new twist in estate planning: how to transition digital assets.
Not only does that include assets with monetary value but also social media and online profiles. Ask yourself, if something happens to you, who will be able to access your social media accounts, personal e-mail accounts, blogs, web domains, and so on?
If your will, trust, or power of attorney does not directly address who can control your digital assets, your family, executor, agent, or trustee may be limited in what they have access to when they need it most. Giving someone access to your passwords and usernames is not the same as granting them the legal authority to access the information.
If you own a business, you may need to consider a business successor’s access to online customer accounts and payment processing.
By consulting your estate planning attorney, you can review whether your documents properly address the handling of your digital assets as you envision.
If you have additional questions, contact your William Blair advisor or email PWM@williamblair.com. We also have a variety of financial and estate planning resources available on williamblair.com.
This information has been prepared solely for informational purposes and is not intended to provide or should not be relied upon for accounting, legal, tax, or investment advice. We recommend consulting your attorney, tax advisor, investment advisor, or other professional advisor about your particular situation.